Admiral Group PLC
ADM: XLON (GBR)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
GBX 2,955.00 | Dnlqfc | Vlpqqyqxt |
Admiral’s Intangible Assets Continue to Drive Profitable Growth
On March 8, Admiral reported numbers for full-year 2022. The market has reacted badly to these. While they are a little off our forecasts, we think shares remain undervalued. Having rolled our model, we lower our fair value estimate to GBP 33.0 per share. We maintain our narrow economic moat rating.